Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: HTX against Bullet−0.016%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.016%, 7d avg −0.018%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,495.7	0.0100	pay 0.0013% / 1h	23m 46s	$191K	$3.3M	20x
Short	HTX BTC-USDT	86,481.8	0.0100	get 0.0100% / 8h	1h 23m	$2.30B	$968.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BulletbpFee HTXbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.018%: $0.21
Slippage, 4 orders: −$1.77
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$21.56
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from Bullet: live order book, just now; HTX: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bullet live order book, just now	0.17 bp	4.7 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$667	9.0 bp −$4,513

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.1058%	1h	86,508.5	+0.015%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,405	−0.105%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,377	−0.137%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0036%	1h	86,499.3	+0.004%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,496.8	+0.001%	$504.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,502.6	+0.008%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,509.8	+0.016%	$851.9M	$711.3M	125x	as long as short
Perpl BTC	0.0000%	43m	86,515.8	+0.023%	$426K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,523.4	+0.032%	$921.3M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,488.5	−0.008%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,509.6	+0.016%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,500.5	+0.006%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,480.6	−0.017%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.073%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,493.1	−0.003%	$149.4M	$476.4M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,457.3	−0.044%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0044%	8h	86,454.1	−0.048%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,497.9	+0.003%	$5.13B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,466.8	−0.033%	$9.43B	$24.40B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,495.9	0.000%	$2.4M	$1.3M	20x	as long as short
Hibachi BTC/USDT-P	+0.0072%	1h	86,500.4	+0.005%	$717K	$8.2M	30x	as long as short
Gate BTC_USDT	+0.0078%	8h	86,492.2	−0.004%	$5.85B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,457.1	−0.045%	$5.25B	$9.76B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,500.2	+0.005%	$170.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,510.2	+0.017%	$24.1M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,496	0.000%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,483	−0.015%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,552.5	+0.066%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,518	+0.026%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,525	+0.034%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,548.2	+0.061%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,456	−0.046%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,517	+0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,568.6	+0.084%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.175%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,482.9	−0.015%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.140%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.144%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	−0.111%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	−0.111%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,431.7	−0.074%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,531.4	+0.041%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,488	−0.009%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,495.7	long leg	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,498.9	+0.004%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,482.8	−0.015%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,491.1	−0.005%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,490	−0.007%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,481.8	−0.016%	$2.30B	$968.4M	200x
Extended BTC-USD	+0.0104%	1h	86,481.6	−0.016%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,534.4	+0.045%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,529.8	+0.039%	$132.3M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,518.6	+0.026%	$191.5M	$943.5M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,498.3	+0.003%	$415.8M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0213%	1h	86,503.3	+0.009%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	86,532	+0.042%	$9.6M	$732.3M	6.4x	as long as short